We all become more dependent on others as we age, making us more vulnerable to potential financial abuse. Older victims of financial abuse, including investment fraud, are especially at risk; if seniors lose all or part of their life savings they have less time to recover their financial stability.
The effects of senior financial abuse and exploitation go well beyond the pocketbook and can lead to social isolation, depression, anxiety and other negative health effects.
Financial abuse of seniors could include:
- a fraudulent investment;
- an investment that is unsuitable for the seniorís circumstances;
- theft; or
- financial exploitation.